M and A

CAPTRUST Buys Northeastern Wealth Advisor

Tom Burroughes, Group Editor, October 10, 2019

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The acquisition means CAPTRUST has 234 advisors across 48 locations.

US-based Boston Advisors has spun off its private advisory group to CAPTRUST Financial Advisors, a group with 15 people overseeing more than $1.5 billion of assets. This continues a trend in industry M&A activity. (See a related story here today.)

The Boston Advisors’ Private Advisory Group team, led by president and chief investment officer Michael J Vogelzang, became CAPTRUST employees as of October 1, the effective date of the transaction. The group will assume CAPTRUST’s brand as part of this merger.

CAPTRUST is one of the larger wealth management players in the market. Based in Raleigh, North Carolina, the firm oversees more than $340 billion of assets, including nearly $17 billion of wealth management assets.

“We searched for the right strategic partner with three objectives: 1) find the right cultural fit for our clients; 2) provide a wider platform for our employees to grow professionally, and 3) enhance our ability to grow in Boston and the New England region,” Vogelzang said. He has managed Boston Advisors since 1997 and led its management buyout in 2006. Vogelzang will take on a senior leadership position in CAPTRUST’s Consulting Research Group after the transition.

With the latest move, CAPTRUST has 234 advisors across 48 locations. The firm was originally founded as Boston Security Counselors and became known as Boston Advisors, Inc. in 1997, a subsidiary of The Advest Financial Group. In 2004, AXA Financial purchased The MONY Group, parent of The Advest Group, and soon thereafter sold The Advest Group and Boston Advisors, Inc. to Merrill Lynch (now Bank of America). 

As a result of these transitions, the team initiated a management led buyout and Boston Advisors Inc was reorganized as Boston Advisors LLC. On October 1, 2019, Boston Advisors became a division of Knights of Columbus Asset Advisors.

Boston Advisors will continue to operate as an independent entity. Under the new ownership employees will participate in an equity/profit share program.

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